Last Monday, the Federal Government released its Mid Year Economic and Fiscal Outlook (MYEFO), hoping growth in the residential housing construction sector would take over from our deteriorating mining boom and save Australia from pending recession. Household consumption remains solid in aggregate and there are tentative signs that residential building …
After Monday’s MYEFO, the ABC suggests the Federal Government could save $5 billion a year with a single chop. Watch the video segment, Suggestion for a surplus, on The Business here.
It was once the realm of Real Estate Agents to spruik that it was never a better time to buy, but with the residential construction sector in free fall, state politicians are picking up the pieces and taking over from where agents and bankrupt builders have failed. The South Australian …
After 21 years of economic expansion, Treasury is pinning its hopes on a bigger housing bubble to stave of recession after the mining boom. David Gruen, executive director of Treasury’s macroeconomic group told a Senate budget estimates committee, “In a couple of years, when mining investment does not contribute to …
On Tuesday it was revealed the South Australian Government will need to chop $1.4 billion from the state coffers by 2016 with $240 million coming from the Department of Health and Ageing. Eyes are now on the state government after three independent audits recommend the cutting of 308 staff and …
As expected, the official unemployment figures released by the Australian Bureau of Statistics (ABS) today showed a sharp rise in unemployment. According to the ABS, unemployment now sits at 5.4 per cent – a two and a half year high. The key driver to the increase in the unemployment rate …
Up, down or sideways? Debate has intensified about the future direction of Australia’s property market since the RBA announced a 25 basis point cut to the official cash rate this week. It’s not the first cut we have had. Australia has experienced five downward adjustments in monetary policy since November …
One of the take home messages from yesterday’s 25 basis point drop is the Reserve Bank’s worry unemployment is starting to rise. On Monday, Roy Morgan research released the results of its latest unemployment and under-employed survey, showing unemployment in Australia is now at 10 per cent, and quite a …
There is growing concerns Australia’s miracle economy might not be in as good shape as our politicians would lead us to believe. This view was reinforced today when the Reserve Bank of Australia was forced to cut official interest rates to help stave off what could emerge as the second …
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